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The Insurance Industry in Moldova, Key Trends and Opportunities to 2022

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    Report

  • 126 Pages
  • September 2018
  • Region: Moldova
  • GlobalData
  • ID: 4655680
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The Insurance Industry in Moldova, Key Trends and Opportunities to 2022

Summary

The 'The Insurance Industry in Moldova, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Moldovan insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Moldovan economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together the author’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Moldovan insurance industry, including:
  • The Moldovan insurance industry's growth prospects by segment and category

  • A comprehensive overview of the Moldovan economy and demographics

  • Details of the competitive landscape in the Moldovan insurance industry

  • The various distribution channels in the Moldovan insurance industry

  • Details of regulatory policy applicable to the Moldovan insurance industry

  • Analysis of natural hazards in the Moldovan insurance industry


Key Highlights:
  • As a part of the digitalization project, on June 29, 2018 the Government of Moldova replaced paper-based health insurance policies with digital policies.

  • Effective from April 2016, a new rule pertaining to the financial recovery of insurance and reinsurance companies was introduced by the NCFM in Moldova.

  • As of 2016, 70 insurance and reinsurance brokers were operating in the Moldovan insurance industry.

  • In 2015, the NCFM along with the European Union launched the Twinning Project to supervise and regulate the insurance industry.


Scope
  • This report provides a comprehensive analysis of the insurance industry in Moldova.

  • It provides historical values for the Moldovan insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

  • It offers a detailed analysis of the key segments in the Moldovan insurance industry, with market forecasts to 2022.

  • It covers an exhaustive list of parameters, including written premium and claims.

  • It analyzes the various distribution channels in Moldova.

  • It profiles the top insurance companies in Moldova, and outlines the key regulations affecting them.


Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Moldovan insurance industry and each segment and category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Moldovan insurance industry.

  • Assess the competitive dynamics in the Moldovan insurance industry.

  • Identify the growth opportunities and market dynamics in key segments.

  • Gain insights into key regulations governing the Moldovan insurance industry and their impact on companies and the industry's future.

Table of Contents

1.KEY FACTS AND HIGHLIGHTS2 EXECUTIVE SUMMARY3.ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Direct written premium
4.1.3 Insurance density
4.1.4 Active policies
5.LIFE INSURANCE OUTLOOK
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Direct written premium
5.1.3 Active policies
5.1.4 Penetration
5.1.5 Sum assured
5.2 Pension Insurance
5.2.1 Gross written premium
5.2.2 Active policies
5.2.3 Penetration
6.GENERAL INSURANCE OUTLOOK
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Direct written premium
6.1.3 Active policies
6.1.4 Penetration
6.1.5 Loss ratio
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Active policies
6.2.3 Penetration
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Active policies
6.3.3 Penetration
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Active policies
6.4.3 Penetration
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Active policies
6.5.3 Penetration
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Active policies
6.6.3 Penetration
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium
6.7.2 Active policies
6.7.3 Penetration
7.REINSURANCE OUTLOOK
7.1 Premium Ceded
8.DISTRIBUTION CHANNEL OUTLOOK
9.NATURAL AND MAN-MADE HAZARDS
9.1 Flooding
9.2 Droughts
9.3 Earthquakes
9.4 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profiles
10.1.1 Moldasig SA - company overview
10.1.2 Donaris Vienna Insurance Group SA - company overview
10.1.3 Grawe Carat Asigurari SA - company overview
10.1.4 Asterra Grup SA - company overview
10.1.5 General Asigurari SA - company overview
11 GOVERNANCE, RISK AND COMPLIANCE
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor-third party liability insurance
11.4.2 Health insurance
11.4.3 Liability for ships with respect to oil pollution
11.4.4 Professional indemnity insurance for insurance intermediaries
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 National Commission on Financial Markets
11.6 Non-Admitted Insurance Regulation
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margins
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Property insurance
12.2.4 Property insurance by category
12.2.5 Motor insurance
12.2.6 Motor insurance by category
12.2.7 Liability insurance
12.2.8 Financial lines insurance
12.2.9 Marine, aviation and transit insurance
12.2.10 Marine, aviation and transit insurance by category
12.2.11 Personal accident and health insurance
12.2.12 Personal accident and health insurance by category
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 About
14.1 Contact
14.2 About
14.3 Services
14.4 Disclaimer
List of Tables
Table 1: Moldovan Insurance Industry - Key Facts, 2017
Table 2: Moldovan Insurance Industry - Industry Shares of the Top Insurers, 2017
Table 3: Moldovan Insurance Industry - Gross Written Premium (MDL Billion and US$ Million), 2013-2017
Table 4: Moldovan Insurance Industry - Gross Written Premium (MDL Billion and US$ Million), 2017-2022
Table 5: Moldovan Insurance Industry - Direct Written Premium (MDL Billion and US$ Million), 2013-2017
Table 6: Moldovan Insurance Industry - Direct Written Premium (MDL Billion and US$ Million), 2017-2022
Table 7: Moldovan Insurance Industry - Density (MDL), 2013-2017
Table 8: Moldovan Insurance Industry - Density (MDL), 2017-2022
Table 9: Moldovan Insurance Industry - Number of Active Policies (Thousand), 2013-2017
Table 10: Moldovan Insurance Industry - Number of Active Policies (Thousand), 2017-2022
Table 11: Moldovan Life Insurance - Gross Written Premium (MDL Million and US$ Million), 2013-2017
Table 12: Moldovan Life Insurance - Gross Written Premium (MDL Million and US$ Million), 2017-2022
Table 13: Moldovan Life Insurance - Direct Written Premium (MDL Million and US$ Million), 2013-2017
Table 14: Moldovan Life Insurance - Direct Written Premium (MDL Million and US$ Million), 2017-2022
Table 15: Moldovan Life Insurance - Number of Active Policies (Thousand), 2013-2017
Table 16: Moldovan Life Insurance - Number of Active Policies (Thousand), 2017-2022
Table 17: Moldovan Life Insurance - Sum Assured (MDL Billion and US$ Million), 2013-2017
Table 18: Moldovan Life Insurance - Sum Assured (MDL Billion and US$ Million), 2017-2022
Table 19: Moldovan Pension - Gross Written Premium (MDL Thousand and US$ Thousand), 2013-2017
Table 20: Moldovan Pension - Gross Written Premium (MDL Thousand and US$ Thousand), 2017-2022
Table 21: Moldovan Pension - Number of Active Policies (Thousand), 2013-2017
Table 22: Moldovan Pension - Number of Active Policies (Thousand), 2017-2022
Table 23: Moldovan General Insurance - Gross Written Premium (MDL Billion and US$ Million), 2013-2017
Table 24: Moldovan General Insurance - Gross Written Premium (MDL Billion and US$ Million), 2017-2022
Table 25: Moldovan General Insurance - Direct Written Premium (MDL Billion and US$ Million), 2013-2017
Table 26: Moldovan General Insurance - Direct Written Premium (MDL Billion and US$ Million), 2017-2022
Table 27: Moldovan General Insurance - Number of Active Policies (Thousand), 2013-2017
Table 28: Moldovan General Insurance - Number of Active Policies (Thousand), 2017-2022
Table 29: Moldovan Property Insurance - Gross Written Premium (MDL Million and US$ Million), 2013-2017
Table 30: Moldovan Property Insurance - Gross Written Premium (MDL Million and US$ Million), 2017-2022
Table 31: Moldovan Property Insurance - Number of Active Policies (Thousand), 2013-2017
Table 32: Moldovan Property Insurance - Number of Active Policies (Thousand), 2017-2022
Table 33: Moldovan Motor Insurance - Gross Written Premium (MDL Million and US$ Million), 2013-2017
Table 34: Moldovan Motor Insurance - Gross Written Premium (MDL Million and US$ Million), 2017-2022
Table 35: Moldovan Motor Insurance - Number of Active Policies (Thousand), 2013-2017
Table 36: Moldovan Motor Insurance - Number of Active Policies (Thousand), 2017-2022
Table 37: Moldovan Liability Insurance - Gross Written Premium (MDL Million and US$ Million), 2013-2017
Table 38: Moldovan Liability Insurance - Gross Written Premium (MDL Million and US$ Million), 2017-2022
Table 39: Moldovan Liability Insurance - Number of Active Policies (Thousand), 2013-2017
Table 40: Moldovan Liability Insurance - Number of Active Policies (Thousand), 2017-2022
Table 41: Moldovan Financial Lines Insurance - Gross Written Premium (MDL Million and US$ Million), 2013-2017
Table 42: Moldovan Financial Lines Insurance - Gross Written Premium (MDL Million and US$ Million), 2017-2022
Table 43: Moldovan Financial Lines Insurance - Number of Active Policies (Thousand), 2013-2017
Table 44: Moldovan Financial Lines Insurance - Number of Active Policies (Thousand), 2017-2022
Table 45: Moldovan Marine, Aviation and Transit Insurance - Gross Written Premium (MDL Million and US$ Million), 2013-2017
Table 46: Moldovan Marine, Aviation and Transit Insurance - Gross Written Premium (MDL Million and US$ Million), 2017-2022
Table 47: Moldovan Marine, Aviation and Transit Insurance - Number of Active Policies (Absolute), 2013-2017
Table 48: Moldovan Marine, Aviation and Transit Insurance - Number of Active Policies (Absolute), 2017-2022
Table 49: Moldovan Personal Accident and Health Insurance - Gross Written Premium (MDL Million and US$ Million), 2013-2017
Table 50: Moldovan Personal Accident and Health Insurance - Gross Written Premium (MDL Million and US$ Million), 2017-2022
Table 51: Moldovan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-2017
Table 52: Moldovan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2017-2022
Table 53: Moldovan Reinsurance - Premium Ceded by Insurance Segment (MDL Million), 2013-2017
Table 54: Moldovan Reinsurance - Premium Ceded by Insurance Segment (MDL Million), 2017-2022
Table 55: Moldovan Insurance Industry - Market Share of Leading Insurers (%), 2017
Table 56: Moldovan Life Insurance Segment - Market Share of Leading Insurers (%), 2017
Table 57: Moldovan General Insurance Segment - Market Share of Leading Insurers (%), 2017
Table 58: Moldasig SA - Key Facts
Table 59: Donaris Vienna Insurance Group SA - Key Facts
Table 60: Grawe Carat Asigurari SA - Key Facts
Table 61: Asterra Grup SA - Key Facts
Table 62: General Asigurari SA - Key Facts
Table 63: Moldova - Insurance Regulatory Framework Key Features
Table 64: Moldova- Life Insurance Regulatory Framework
Table 65: Moldova - Property Insurance Regulatory Framework
Table 66: Moldova - Motor Insurance Regulatory Framework
Table 67: Moldova - Bonus-Malus System
Table 68: Moldova - Liability Insurance Regulatory Framework
Table 69: Moldova - Corporate Tax Rates for the Financial Year 2018
Table 70: Moldovan Life Insurance - Policies and Premium, 2013-2017
Table 71: Moldovan Life Insurance - Policies and Premium, 2017-2022
Table 72: Moldovan Life Insurance - Claims and Expenses, 2013-2017
Table 73: Moldovan Life Insurance - Claims and Expenses, 2017-2022
Table 74: Moldovan General Insurance - Policies and Premium, 2013-2017
Table 75: Moldovan General Insurance - Policies and Premium, 2017-2022
Table 76: Moldovan General Insurance - Claims and Expenses, 2013-2017
Table 77: Moldovan General Insurance - Claims and Expenses, 2017-2022
Table 78: Moldovan General Insurance - Property Insurance, 2013-2017
Table 79: Moldovan General Insurance - Property Insurance, 2017-2022
Table 80: Moldovan General Insurance - Property Insurance by Category, 2013-2017
Table 81: Moldovan General Insurance - Property Insurance by Category, 2017-2022
Table 82: Moldovan General Insurance - Motor Insurance, 2013-2017
Table 83: Moldovan General Insurance - Motor Insurance, 2017-2022
Table 84: Moldovan General Insurance - Motor Insurance by Category, 2013-2017
Table 85: Moldovan General Insurance - Motor Insurance by Category, 2017-2022
Table 86: Moldovan General Insurance - Liability Insurance, 2013-2017
Table 87: Moldovan General Insurance - Liability Insurance, 2017-2022
Table 88: Moldovan General Insurance - Financial Lines Insurance, 2013-2017
Table 89: Moldovan General Insurance - Financial Lines Insurance, 2017-2022
Table 90: Moldovan General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 91: Moldovan General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 92: Moldovan General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017
Table 93: Moldovan General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022
Table 94: Moldovan General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 95: Moldovan General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 96: Moldovan General Insurance - Personal Accident and Health Insurance by Category, 2013-2017
Table 97: Moldovan General Insurance - Personal Accident and Health Insurance by Category, 2017-2022
Table 98: Insurance Industry Definitions
List of Figures
Figure 1: Moldovan Real GDP (MDL Billion), 2013-2022
Figure 2: Moldovan Exchange Rate (MDL per US$), 2013-2022
Figure 3: Moldovan Inflation, Consumer Prices (%), 2013-2022
Figure 4: Moldovan Current Account Balance as Percentage of GDP (%), 2013-2022
Figure 5: Moldovan Unemployment Rate, 2013-2022
Figure 6: Moldovan Population by Age Group, 2013-2022
Figure 7: Moldovan Insurance Industry - Gross Written Premium (MDL Billion), 2013-2022
Figure 8: Moldovan Insurance Industry - Direct Written Premium (MDL Billion), 2013-2022
Figure 9: Moldovan Insurance Industry - Density (MDL), 2013-2022
Figure 10: Moldovan Insurance Industry - Number of Active Policies (Thousand), 2013-2022
Figure 11: Moldovan Life Insurance - Gross Written Premium (MDL Million), 2013-2022
Figure 12: Moldovan Life Insurance - Direct Written Premium (MDL Million), 2013-2022
Figure 13: Moldovan Life Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 14: Moldovan Life Insurance - Penetration (%), 2013-2017
Figure 15: Moldovan Life Insurance - Penetration (%), 2017-2022
Figure 16: Moldovan Life Insurance - Sum Assured (MDL Billion), 2013-2022
Figure 17: Moldovan Pension - Gross Written Premium (MDL Thousand), 2013-2022
Figure 18: Moldovan Pension - Number of Active Policies (Thousand), 2013-2022
Figure 19: Moldovan Pension - Penetration (%), 2013-2017
Figure 20: Moldovan Pension - Penetration (%), 2017-2022
Figure 21: Moldovan General Insurance - Gross Written Premium (MDL Billion), 2013-2022
Figure 22: Moldovan General Insurance - Direct Written Premium (MDL Billion), 2013-2022
Figure 23: Moldovan General Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 24: Moldovan General Insurance - Penetration (%), 2013-2017
Figure 25: Moldovan General Insurance - Penetration (%), 2017-2022
Figure 26: Moldovan General Insurance - Loss Ratio (%), 2013-2017
Figure 27: Moldovan General Insurance - Loss Ratio (%), 2017-2022
Figure 28: Moldovan Property Insurance - Gross Written Premium (MDL Million), 2013-2022
Figure 29: Moldovan Property Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 30: Moldovan Property Insurance - Penetration (%), 2013-2017
Figure 31: Moldovan Property Insurance - Penetration (%), 2017-2022
Figure 32: Moldovan Motor Insurance - Gross Written Premium (MDL Million), 2013-2022
Figure 33: Moldovan Motor Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 34: Moldovan Motor Insurance - Penetration (%), 2013-2017
Figure 35: Moldovan Motor Insurance - Penetration (%), 2017-2022
Figure 36: Moldovan Liability Insurance - Gross Written Premium (MDL Million), 2013-2022
Figure 37: Moldovan Liability Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 38: Moldovan Liability Insurance - Penetration (%), 2013-2017
Figure 39: Moldovan Liability Insurance - Penetration (%), 2017-2022
Figure 40: Moldovan Financial Lines Insurance - Gross Written Premium (MDL Million), 2013-2022
Figure 41: Moldovan Financial Lines Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 42: Moldovan Financial Lines Insurance - Penetration (%), 2013-2017
Figure 43: Moldovan Financial Lines Insurance - Penetration (%), 2017-2022
Figure 44: Moldovan Marine, Aviation and Transit Insurance - Gross Written Premium (MDL Million), 2013-2022
Figure 45: Moldovan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 46: Moldovan Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 47: Moldovan Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 48: Moldovan Personal Accident and Health Insurance - Gross Written Premium (MDL Million), 2013-2022
Figure 49: Moldovan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 50: Moldovan Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 51: Moldovan Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 52: Moldovan Reinsurance - Premium Ceded by Insurance Segment (MDL Million), 2013-2022
Figure 53: Moldovan Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 54: Moldovan General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 55: Moldovan Insurance Industry - Market Share of Leading Insurers (%), 2017
Figure 56: Moldovan Life Insurance Segment - Market Share of Leading Insurers (%), 2017
Figure 57: Moldovan General Insurance Segment - Market Share of Leading Insurers (%), 2017
Figure 58: Moldova - Insurance Supervision and Control at Various Levels
Figure 59: Moldova - Insurance Regulatory Framework for Company Registration and Operation

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Moldasig SA
  • Donaris Vienna Insurance Group SA
  • Grawe Carat Asigurari SA
  • Asterra Grup SA
  • General Asigurari SA
  • Klassika Asigurari SA
  • Galas SA
  • Acord-Grup SA
  • MoldCargo SA
  • Transelit SA

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